Code of Virginia - Title 58.1 Taxation - Section 58.1-3605.1 Reports by owners of tax exempt real estate

§ 58.1-3605.1. Reports by owners of tax exempt real estate

Every owner of tax exempt real estate shall report to the appropriate assessing officer, on or before May 1, 1993, whether it has reported for tax year 1992 to the Internal Revenue Service unrelated business taxable income as defined by § 512 of the Internal Revenue Code. Such tax exempt entity shall also advise such assessing officer of the amount of unrelated business taxable income reported, and the assessing officer shall record such information in a manner so that it may be easily compared to the property tax liability such entity would be paying if it were not tax exempt. An inventory of all such information shall be reported to the Department of Taxation on or before August 1, 1993, so that the Department may compile such information for submission to the chairmen of the Senate Finance Committee and House Finance Committee, on or before December 1, 1993.

(1992, c. 889.)

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Last modified: April 3, 2009